HB4443 96TH GENERAL ASSEMBLY

LRB096 10453 RCE 20625 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4443

Introduced 4/23/2009, by Rep. John D. Cavaletto - Kay Hatcher - Darlene J. Senger - Dennis M. Reboletti - Sandra M. Pihos, et al.

SYNOPSIS AS INTRODUCED:

35 ILCS 5/208

from Ch. 120, par. 2-208

Amends the Illinois Income Tax Act. Increases the tax credit for real property taxes from 5% to 10% of the real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. Exempts the credit from the Act's sunset provisions. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by changing Section 208 as follows:

(35 ILCS 5/208) (from Ch. 120, par. 2-208)

Sec. 208. Tax credit for residential real property taxes. Beginning with tax years ending on or after December 31, 1991 and through taxable years ending on or before December 30, 2009, every individual taxpayer shall be entitled to a tax credit equal to 5% of real property taxes paid by such taxpayer during the taxable year on the principal residence of the taxpayer. Beginning with taxable years ending on or after December 31, 2009, every individual taxpayer shall be entitled to a tax credit equal to 10% of real property taxes paid by the taxpayer during the taxable year on the principal residence of the taxpayer. In the case of multi-unit or multi-use structures and farm dwellings, the taxes on the taxpayer's principal residence shall be that portion of the total taxes which is attributable to such principal residence. This Section is exempt from the provisions of Section 250.

(Source: P.A. 87-17.)

Section 99. Effective date. This Act takes effect upon becoming law.